The global medical device reprocessing market is expected to exhibit a strong 16.10% CAGR over the forecast period from 2021 to 2027, according to the latest research report from Market Research Future (MRFR). The report presents a detailed overview of the global medical device reprocessing market, including an overview of the market’s historical progress and projections about the market’s future growth over the forecast period from 2021 to 2027. The competitive landscape of the global medical device reprocessing market is also assessed in detail in the report, including company profiles of the leading players operating in the market and an analysis of the competitive strategies employed by the major players in the market. The segmentation of the medical device reprocessing market is also profiled in the report to provide an analysis of the major parts of the market. Readers are given clear indications as to the most profitable areas of the market over the forecast period.
Medical device reprocessing is a process of making used medical devices fit for reuse by cleaning and sterilizing them. The global medical device reprocessing market has grown by leaps and bounds in the last few years mainly due to the growing need to reduce medical waste. Medical waste comprises a major part of the overall waste production in various countries, and comprises a typically bothersome part of the waste due to its biologically active nature. This makes disposing of medical waste particularly difficult. This has led to a growing demand for medical device reprocessing, which leads to reuse of the medical devices, leading to a reduction in the volume of medical waste. The growing government support to initiatives to reduce medical waste is likely to be a major driver for the global medical device reprocessing market over the forecast period.
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The low cost of reprocessed medical devices is the major driver for the medical device reprocessing market. In contrast with North American and Western European markets, countries in Latin America, Africa, and Asia Pacific cannot always afford to buy new medical equipment. This makes the healthcare sector highly deficient in certain regions. Medical device reprocessing allows these countries to make up the shortfall and provide advanced medical services to their citizens. This has been a major driver for the global medical device reprocessing market. The growing government support in emerging countries to advancement of the healthcare sector through less-than-perfect solutions is likely to remain a major driver for the medical device reprocessing market over the forecast period.
Competitive Analysis:
Leading players in the medical device reprocessing market include Stryker Corporation, Johnson & Johnson, Medtronic plc, Vanguard AG, Medline Industries Inc., Agito Medical A/S, EverX Pvt. Ltd., Block Imaging, SureTek Medical, ReNu Medical Inc., and SteriPro.
Segmentation:
The global medical device reprocessing market is segmented on the basis of product type, medical device type, application, and region.
By product type, the global medical device reprocessing market is bifurcated into reprocessed medical devices and reprocessing support and services. The support and services segment is the largest part of the global medical device reprocessing market and is likely to retain its dominance over the forecast period due to the increased need for support services in reprocessed medical devices.
By medical device type, the market is segmented into catheters, laparoscopy instruments, biopsy instruments, endoscopy instruments, and cables, columns, and cutters. The catheters segment holds the largest share in the global medical device reprocessing market.
By application, the medical device reprocessing market is segmented into general surgery, cardiology, orthopedic applications, gastroenterology, urology, and others. The cardiology segment dominates the global medical device reprocessing market.
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Regional Analysis:
The Americas holds the largest share in the global medical device reprocessing market, with Asia Pacific expected to exhibit the fastest growth rate over the forecast period. The strong presence of emerging markets in Asia Pacific, the Middle East, and Latin America is likely to remain a major factor for the global medical device reprocessing market.
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